Stablecoin regulation bill submitted to the US Congress

Three American congressmen submitted a new bill to regulate stable cryptocurrencies, Including the DIEM project of the social network Facebook, previously known as Libra.

Development of the document "Law on the attachment of stablecoins and licensing of banks" (STABLE) They were engaged in Rashida Thab (Rashid), Hesus Garcia (Jesus Garcia) and Steven Lynch (Stephen Lynch). The bill must "protect consumers from risks, related to new digital payment tools, like Libra from Facebook and other stablecoins, available in the market. He will regulate the release of stablecoins and the associated commercial activity ".

Congressmen offer to oblige companies, producing stablecoins, receive a bank license in the United States, as well as the approval of the US Federal Reserve and other regulators. When issuing stable cryptocurrencies, companies will need to store security in the banks of Federal Reserve, and also receive insurance from the Federal Corporation for Deposit Insurance (FDIC). Interesting, that at the moment, FDIC does not provide for cryptocurrency assets insurance.

At the same time, the authors of the bill emphasize, that in the context of the Covid-19 pandemia, many citizens lost access to financial institutions and banking services. But, Despite this, It is necessary to protect consumers from scammers, which can use digital assets to deceive US citizens. Stephen Lynch said:

“Stebblecoins are a new and innovative way to use funds for consumers, And I believe, that this technology can make financial transactions more effective, and also increase the availability of financial services. However, we should not allow to release the American currency for private companies. The Stable bill guarantees, that our regulators will be able to effectively monitor the use of this technology. ".

The document caused an immediate negative reaction of representatives of the cryptocurrency community. Jeremi Elaireir (Jeremy allaire) stated, that the bill is a significant step back for innovation in the field of digital currencies in the United States. According to Circle Director General, The document "limits the rate of progress as in the blockchain industry, and in the branch of financial technologies ".

Stable bill, most likely, will be considered by the US Congress in the next session, which begins in January next year. Recall, that in September, a bill on the regulation of cryptocurrency exchanges appeared in the United States.